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  1. Clue Network cuts FY17 losses by 13%

Clue Network cuts FY17 losses by 13%

Tiger Global-backed Clue Network, which operates e-commerce platform Shopclues.com, has narrowed its losses by 13% to Rs 332.6 crore for the year ended March 2017.

By: | New Delhi | Published: November 7, 2017 5:37 AM
Tiger Global, Clue Network, Clue Network revenue, Clue Network turnover, Clue Network profit During the year, revenues grew by 11.8% to Rs 180.3 crore, according to filings with the registrar of companies (RoC) and data platform Tofler. (Reuters)

Tiger Global-backed Clue Network, which operates e-commerce platform Shopclues.com, has narrowed its losses by 13% to Rs 332.6 crore for the year ended March 2017. During the year, revenues grew by 11.8% to Rs 180.3 crore, according to filings with the registrar of companies (RoC) and data platform Tofler. The e-commerce firm had reported a net loss of Rs 383.05 crore on revenues of Rs 161.43 crore in FY16. During the year, the company’s employee benefit expenses rose by 73.6% to Rs 107.3 crore, its advertising and marketing costs came down 20.5% to Rs 188.2 crore. In May, Shopclues had raised Rs 50 crore in venture debt from InnoVen Capital. The fund-raising came in almost after a a gap of about 1.4 years after Shopclues had entered the unicorn club. In January 2016, the had company raised about $150 million from Singapore-based fund GIC Pte, and existing investors Tiger Global Management and Nexus Venture Partners at a valuation of over $1.1 billion.

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